The co-founder of Lawrence Investments LLC, Larry Ellison has acquired the storied Cal Neva Resort and Casino in Crystal Bay, Nevada for a whopping $35.8 million, an official said.
Lawrence Investments LLC's, a venture capital investment firm headed by Oracle Corp., bought the property via bankruptcy proceedings. They sealed the deal on Jan. 10.
Lawrence Investments LLC, a venture capital investment firm headed by Oracle Corp. co-founder Larry Ellison, bought the property via bankruptcy proceedings. The deal closed Jan. 10. The confirmation of the transaction made was confirmed by an attorney connected to the case.
The transaction closed after an agreement between major creditors in the bankruptcy case. An agreement for settlement and compromise was done between Hall CA-NV LLC, The Penta Building Group, debtor New-Cal Neva Lodge LLC, and other parties which helped LLC to acquire the financially troubled property.
Under the terms of the agreement, the Dallas, Texas-based Hall is told to receive $26,885,000 plus reimbursement of money it advanced to Capital One. The bulk of the money owed to Hall was used to fund a multimillion-dollar renovation of the resort and casino a few years ago. Debtor New Cal Neva-Lodge LLC of St. Helena, California, filed for bankruptcy in June 2016 which sent chills down the spine of creditors who lined up for taking their millions of dollars which was taken for a renovation purpose.
Now after a year and a half, the major creditors are hoping to get paid by the deal as LLC co-founder Larry Ellison has decided to invest in it.
The resort and casino was closed in 2013 for renovation. Robert Radovan, co-owner of Criswell Radovan, and controlling partner of the property said, "With the reopening, there will be a rebirth, it will be a totally different creature." "Our goal is to be the entertainment center of the North Shore. The Cal Neva has always been an icon of the North Shore. With a new look and a return to a four- or four-and-a-half-star hotel, we plan to bring it back to what it was in its heyday," he added at that time.
Originally built in 1926, Cal Neva was built in 1926 with 219 rooms and cottages, restaurants, a spa, open space featuring panoramic views of Lake Tahoe and a tunnel system. The property also includes w showroom with 350 seats, 16,000 square feet of meeting space and the Circle Bar.